This week in our beloved town of Weserville

This week in Weserville we went over demand, the law of demand, and we also went over the variety of charts that can express demand curves and demand schedules. Along with learning about demand, we also learned about the causes of the fluctuation of demand, including income effects, and substitution effects. And therefore the effects of a change in demand, and a change in quantity demanded. Therefore there are 6 things that effect demand itself consumer income, consumer tastes, consumer expectations, market size, substitute goods, and complementary goods. And most importantly about normal and inferior goods. Normal goods are goods that consumers demand more of when income increases. And inferior goods are goods that consumers demand less of when income increases. These are important, because inferior goods will always be needed, and inferior goods are the ones people won't need to buy anymore, or will not want to buy when they get more money, because they can afford better things.